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Possible Bearish Inside Day Candle Pattern Detected for Enbridge Energy Management (NYSE:EEQ)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Enbridge Energy Management (NYSE:EEQ) based on the price action in the company's shares. Today's price range of $23.20 and $23.42 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Enbridge Energy Management may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Enbridge Energy Management (NYSE:EEQ) has potential upside of 42.3% based on a current price of $23.36 and analysts' consensus price target of $33.23. The stock should discover initial support at its 200-day moving average (MA) of $22.47 and subsequent support at its 50-day MA of $18.50.

Enbridge Energy Management, LLC, manages and controls the business and affairs of Enbridge Energy Partners, LP. Enbridge Energy Partners transports crude oil, liquid petroleum, and natural gas through gathering and pipeline systems.

Enbridge Energy Management share prices have moved between a 52-week high of $37.72 and a 52-week low of $14.27 and are now trading 64% above that low price at $23.36 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Enbridge Energy Management on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.54. Since that recommendation, shares of Enbridge Energy Management have risen 33.7%. We continue to monitor EEQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle enbridge energy management

Ticker(s): EEQ